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Euromoney Saudi Arabia Conference plans panel on digital ecosystem

Arab News|Published — Thursday 21 April 2016

Saudi Arabia’s financial sector is likely to encounter significant disruption from new financial technologies in the coming years, but could emerge stronger and more streamlined, according to experts gathering for the Euromoney Saudi Arabia Conference this May. Financial technology (FinTech) is generating huge opportunities for banks, investors and new startup companies around the world, but is also generating a new range of risks for central banks and financial institutions. Progress on implementing FinTech in the Kingdom has been relatively slow until recently, but new initiatives designed to enhance the business environment, reform regulatory support and provide access to capital are helping to create a positive ecosystem for FinTech deployment in Saudi Arabia.In a special panel at the Euromoney Saudi Arabia Conference, senior experts from the Kingdom and major international companies will discuss the growing influence and impact of FinTech on the financial sector. Mamdooh Al-Sedairy, chief information officer of Tadawul, will bring his experience in implementing and managing one of the world’s most sophisticated trading systems for the Saudi stock exchange.In 2014, Tadawul and NASDAQ began a major project to replace the SAXESS trading platform with NASDAQ’s latest trading platform, X-stream INET Trading, which was launched in September 2015. The new platform is claimed as the fastest recorded trading engine.He will be joined by Frans van Eersel, founder and CEO of dopay International, which provides a cloud-based payroll service that enables employers to calculate salaries and pay all employees - banked and unbanked — electronically.The wide acceptance of smart phones, cloud-computing and technologies like blockchain are fundamentally changing the way financial services will be delivered, he added.The 2016 Euromoney Saudi Arabia Conference is co-hosted with the Ministry of Finance and takes place at the Al Faisaliah Hotel in Riyadh on May 3 and 4.

Saudi Arabia’s financial sector is likely to encounter significant disruption from new financial technologies in the coming years, but could emerge stronger and more streamlined, according to experts gathering for the Euromoney Saudi Arabia Conference this May. Financial technology (FinTech) is generating huge opportunities for banks, investors and new startup companies around the world, but is also generating a new range of risks for central banks and financial institutions. Progress on implementing FinTech in the Kingdom has been relatively slow until recently, but new initiatives designed to enhance the business environment, reform regulatory support and provide access to capital are helping to create a positive ecosystem for FinTech deployment in Saudi Arabia.In a special panel at the Euromoney Saudi Arabia Conference, senior experts from the Kingdom and major international companies will discuss the growing influence and impact of FinTech on the financial sector. Mamdooh Al-Sedairy, chief information officer of Tadawul, will bring his experience in implementing and managing one of the world’s most sophisticated trading systems for the Saudi stock exchange.In 2014, Tadawul and NASDAQ began a major project to replace the SAXESS trading platform with NASDAQ’s latest trading platform, X-stream INET Trading, which was launched in September 2015. The new platform is claimed as the fastest recorded trading engine.He will be joined by Frans van Eersel, founder and CEO of dopay International, which provides a cloud-based payroll service that enables employers to calculate salaries and pay all employees - banked and unbanked — electronically.The wide acceptance of smart phones, cloud-computing and technologies like blockchain are fundamentally changing the way financial services will be delivered, he added.The 2016 Euromoney Saudi Arabia Conference is co-hosted with the Ministry of Finance and takes place at the Al Faisaliah Hotel in Riyadh on May 3 and 4.